What Is It Like To Meet An Angel Investor For the First Time?

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Two Thursday’s ago I met an Angel Investor for the first time. This isn’t something you can ever 100% prepare for, so I thought I would share my thoughts on how it unfolded.

The Background

To provide some context, it was actually the investor who asked to meet me. We were put in contact through a mutual connection, Luke Fitzpatrick from Ghacklabs, and agreed to meet at a local cafe.

This certainly, helped put me at ease. It wasn’t a formal pitch in a boardroom and I had been straight up and honest in our email correspondence. Task Pigeon is very early stage. And I wasn’t looking to raise money right now.

I do however, believe in Mark Suster’s concept that investors, invest in lines not dots. This meeting represented the chance to make a connection. Create a dot. And then show how I move Task Pigeon forward in the months that follow.

What Is It Like To Meet An Angel Investor For the First Time - Investors invest in lines, not dots

As we had only opened the Task Pigeon beta the week prior there wasn’t a huge amount of statistics to recount. Although I am a non-technical nature I have been involved with each stage of the business.

I know it inside, and out.

And was confident I could present a compelling story about our business.

This certainly helped me be relaxed going into the meeting. If you know your stuff, you shouldn’t be nervous. All the information you need to convey is already in your head. You only need to articulate it clearly.

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The Questions

Once I met the investor (I didn’t get explicit approval to mention his name, so I will leave it out for now) I was put at further ease.

What transpired was an casual discussion about my background, what I had done with Task Pigeon so far, and where I wanted to take it in the future.

All the information you need to convey is already in your head. You only need to articulate it clearly.

The investor has significant experience working with startups in emerging markets. As such, he shared his thoughts on how targeting these markets could provide the opportunity for a quick win.

In particular, he noted there is often less competition in these markets. And sometimes they don’t want (or need) as technically sophisticated products.

The simple user interface and workflow of Task Pigeon should therefore suit them well. As a result this is something I certainly plan to explore as we move out of beta.

While I had not previously met with an investor before I have studied the topic for some time. I had a number of questions for the investor and in particular wanted to understand what their initial thoughts on Task Pigeon were, and more importantly what type of startups they typically invest in.

I discovered that they are interested in very early stage startups. They like to take straight up equity. No convertible notes or SAFE’s. And they also have a group of other investors they sometimes work with to fill out a round.

The Close?

Going into the meeting it wasn’t my intention to “pitch” for an investment then and there. I consider Task Pigeon to still be a bit too early, even for the earliest stage of investors, but wanted to keep the door open. And start creating that “line”.

To close out the meeting I outlined my plan to exit the beta and get a few weeks/months data under my belt. I want to prove we have Product Market Fit, and can acquire and retain users.

This should put me in a strong position and hopefully help with the fundraising process, if I choose to run one.

As such we promised to keep in touch and the investor invited me along to an event they are running this week. I have also been asked to share my story/pitch at their follow up event in April (Update: here’s the five lessons I learnt after pitching).

my biggest piece of advice from all this is to make sure you are working on something you truly love. If you do that then there shouldn’t be anything to worry about.

Overall, it was a positive experience. I truly felt like I was in my element. When you are so passionate about what you are building it should come naturally. So my biggest piece of advice from all this is to make sure you are working on something you truly love. If you do that then there shouldn’t be anything to worry about.

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It's the straightforward task management tool for teams who want to get things done!

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About Author

Paul Towers - Founder @ Task Pigeon

Paul Towers is a 3x Entrepreneur and Founder of Task Pigeon. Join me on my journey to build an open & transparent startup from day one. Paul is also the founder of Startup Soda, a newsletter curating the best content from the Australian startup ecosystem.

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